Irish waste-to-energy company Harp snapped up in $20m deal

Irish waste-to-energy firm Harp Renewables has been acquired in a $20 million (€18.2 million) deal by a Nasdaq-listed company.

Renovare Environmental is buying Harp Renewables and its affiliate, Harp Electric Engineering, in a more it said would position the company as a "world leader in providing solutions for the treatment of organic waste."

The Co Meath-headquartered company, which employs around 50 people, designs and manufactures solutions that convert food and other organic waste into a dry, safe, nutrient-rich, bio-fertiliser.

Founded by Shane Finnegan in 2014, the company estimates its solutions save more than 14005 tons of waste being sent to landfills.

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“This business combination is accretive to both our firms and will create the leading provider of sustainable, renewable, environmentally friendly, waste management solutions and services,” said Mr Finnegan.

Renovare said the deal for Harp comprises $15 million of common stock and $5 million of cash. The transaction is expected to close in the first half of 2022.

Formerly known as BioHiTech Global, Renovare is a technology services company that is headquartered in Chesnut Ridge, New York State. Founded in 2013, the company listed on the Nasdaq in 2018.

"Our customers will also benefit from a combined sales and service footprint in both North America and Europe. The transaction will allow Renovare to expand manufacturing capabilities, extend our geographic reach, and augment our management team" the company said.